Imperfect Credit?                                               Back to Basics

 If your credit is less than perfect, you're not alone.

 A recent study by the Mortgage Bankers Association of America revealed some startling facts: of 100 people who applied for a standard 30-year fixed rate mortgage through traditional lending avenues (banks, savings & loans, credit unions, etc.), less than 40% qualified for that loan. That leaves 60%+ who were forced to seek alternative real estate financing solutions. Obtaining a home loan is possible even with extremely poor credit.

If you have had credit problems in the past, you will be considered to be a risky borrower.  To compensate for this added risk, you will be charged a higher interest rate and usually you can expect to pay a higher down payment on your home purchase (typically 20-50% down).  The worse your credit is, the more you can expect to pay for an interest rate and a down payment.

  • Late payments on accounts? (Home loans, car loans, credit cards, etc.)

    If you have been late less than three times in the past year, and the payments were no more than 30 days late, you probably have a pretty good chance at getting a home loan at a competitive interest rate. Lender guidelines vary, but most lenders will excuse a couple of minor 'late-pays' as long as the borrower can provide a reasonable excuse explaining them (i.e. job transition, illness). If the late-pays were 60+ days late and cannot be explained, you may have to settle for a higher interest rate.

    		  

  • Collections?

  • Charge-offs?

  • Judgments? (also called Abstracts of Judgment)

  • Bankruptcy/Consumer Credit Counseling

  • Foreclosure

Home Purchase Solutions:
We help people with less-than-perfect credit attain the American dream of home ownership. To learn more about how you can own a home of your own, please CLICK HERE to contact us.



Equity Repositioning:
For those current homeowners who've faced credit challenges and wish to lower  monthly payments and/or clean up credit, we specialize in a very unique service: Equity Repositioning.  To learn more about how Equity Repositioning can help you return  to the road of financial success, please CLICK HERE to contact us.